|Facebook Buys Instagram for $1 Billion|
Facebook, the social networking giant bought the most popular photo sharing app Instagram for $1 billion in a combination of cash and stock. This announcement was made by the CEO of Facebook, Mark Zuckerberg in his facebook timeline.
He also added that the sale will be closed by the quarter of the year and will also bring in 9% of staff of Instagram to Facebook. Reckoning about acquiring Instagram, Zuckerberg said that they have been working hard to give genial experience for the users of sharing photos and will strive more harder to sustain that and will improve it more.
Further, Zuckerberg added that “Now, we’ll be able to work even more closely with the Instagram team to also offer the best experiences for sharing beautiful mobile photos with people based on your interests.” He also added that the company will build Instagram’s strengths and feature and also integrate the app in Facebook.
Here is what he said on FB
“That's why we're committed to building and growing Instagram independently. Millions of people around the world love the Instagram app and the brand associated with it, and our goal is to help spread this app and brand to even more people.
We think the fact that Instagram is connected to other services beyond Facebook is an important part of the experience. We plan on keeping features like the ability to post to other social networks, the ability to not share your Instagrams on Facebook if you want, and the ability to have followers and follow people separately from your friends on Facebook.
These and many other features are important parts of the Instagram experience and we understand that. We will try to learn from Instagram's experience to build similar features into our other products. At the same time, we will try to help Instagram continue to grow by using Facebook's strong engineering team and infrastructure.
This is an important milestone for Facebook because it's the first time we've ever acquired a product and company with so many users. We don't plan on doing many more of these, if any at all. But providing the best photo sharing experience is one reason why so many people love Facebook and we knew it would be worth bringing these two companies together.”